EY’s Post

In the financial industry, many wonder if RoboAdvisors will take over the job of financial consultants. Do we still need humans to calm our nerves when making money decisions and navigating the volatile sea of investments? 🌊💡 Asking ourselves this question is fair enough, but the question goes even deeper. In the age of Artificial Intelligence, we might need to #rethink our whole economic structure. 📈 With AI's rise, are we facing a shift in job markets, a widening skill gap, and increasing financial injustice? 🌐 Elon Musk, Mark Zuckerberg, many other futurists and experts have long discussed UBI as necessary in an automated future. Is it time to heed their advice? 🦠 COVID-19 has shown us that mental health is both - a consequence and a risk factor for unemployment. Financial distress is making us sick! 💰 Financial literacy is more crucial than ever, as seen in Germany's new national strategy. But is it enough? 🧘♀️Ongoing global financial uncertainties underscore the pressing need for interventions tailored to enhancing financial resilience! ⚖️ As technological innovation is driven mostly by economic factors we need to create a normative framework and commit to #ResponsibleInnovation! 🧑🎓 Human capabilities around AI need to be distributed in society with respect to vulnerable groups, and political interventions are necessary to orchestrate this shift in AI literacy! Leon Dieterich, Prof. Dr. Jens Nachtwei, and I delved into the topic and discussed it with other students at Humboldt-Universität zu Berlin. Our resumé - UBI is definitely a concept that could help us adapt to the fast-paced AI revolution, but it needs much more research from a psychological perspective. What do you think the future will bring? 🗣️👥 Are widespread job loss and social instability waiting for us, and do we need to rethink our social welfare system? 💡🔄 Or do you believe in an optimistic scenario in which AI will lead to job transformations, new opportunities, enhanced productivity, and an even more fulfilling work experience? 🤖💼 Do we need a Universal Basic Income, and what should that look like? #UniversalBasicIncome #RethinkingWork #RethinkingSociety #NewDemocracy #TechnologicalUnemployment #Psychology #Grundeinkommen

Despite recent challenges, I see good things on the horizon. Hopefully, we get a business-focused administration in the White House to prioritize growth and prosperity. It's not about politics—it's about supporting businesses and our economy. That’s just my thoughts. I want to hear yours. Drop them in the comments below. ⤵️ #2024Election #2024Economy #AI #BusinessGrowth

Only one-third of adults worldwide are financially literate, and many fear judgment, confusion, and the inability to know whom to trust with their finances. Generative AI is emerging as a trusted adviser, helping consumers to feel empowered in the process. 42% of survey respondents said they would place their faith in generative AI to guide them in making major financial decisions like buying a home, paying for college, or saving for retirement. Would you? Discover more insights from our research on the emerging AI-powered universe and its impact on society > https://owy.mn/3wAtRbQ #OWForum #GenerativeAI #Consumer #FinancialServices

AI is a beautiful, potentially dangerous thing. It's unintentionally priming us to confront fundamental questions regarding human value in the world of work. Here's how trust could guide us at this moment: The rise of AI is intensifying the "zero-margin economy," where companies operate with razor-thin profits. As this trend accelerates, we risk a "zero-value economy," where the perceived value of human labour diminishes. Traditional economic thinking tells us to adapt by acquiring new skills and staying ahead of technology. However, this misses an important point. The foundations of traditional economics – prioritising profit and valuing labour primarily for its economic output – evaporate in a zero-margin, let alone zero-value, reality. A values-only economy is not just a strategic adaptation. It's a shift that compels us to reimagine a future where human values, not just market forces, guide our decisions. Trust is a useful way to navigate these challenges. Where we ask ourselves the three universal questions of trustworthiness: Integrity: What are our inward moral, and outward ethical anchors? Benevolence: What and who matters? Really. Capabilities: What do skills look like to serve these convictions? Starting here puts us ahead of the curve we actually need to navigate. By aligning our economic system with our core values, we can build a more resilient and equitable future, one where human dignity and well-being transform conventional ideas of economic success. This shift would require a rethinking of our economic models and deeper reflection on what truly matters in our lives. Trust Changes Everything. --- #TrustChangesEverything, The Global Trust Project, --- Dr. Devin Singh, Alex Searle, David Ashdown, murad ebrahim, Bruce Robinson, Daniel Shaw, Errol Bryce, Adam Fletcher, VUKA Group. ---

I found this post about the productivity impact of AI insightful because it explicitly acknowledged the need to rearchitect people and processes to realize the gains. Making those changes thoughtfully and intentionally will accelerate successful efficiency gains.

Harnessing AI can transform economic development by improving efficiency, fostering innovation, and optimizing resources. However, challenges such as ethical considerations, data privacy, and inequality must be addressed to ensure inclusive growth. https://lnkd.in/dDymuuG3 #EconomicDevelopment #AIinEconomics #Innovation #Efficiency #DataPrivacy #EthicalAI #InclusiveGrowth #SustainableDevelopment #ResourceOptimization

Diversity matters for many different reasons. One of those reasons is to prepare for the ever-changing nature of tech, AI, and political movements around the world. Maybe you need a CHRO on your board. And an AI expert. And younger leaders in their respective fields. The list goes on. To prepare for the future, you must broaden your reach. Listen to the full interview with DiversIQ and Julie Zuraw: https://lnkd.in/gK3CbJWN #DEI #diversity #ESG #corpgov

As superannuation funds continue to grow, meaningful member engagement is becoming increasingly challenging. At the 2024 ASFA meeting, the issue of scale was front and center, with AustralianSuper (just one example) needing over 1,785 advisors to offer just one hour per year to each of its 3.2 million members. Traditional engagement methods are no longer sustainable, pushing super funds to explore new ways to connect with members. Generative AI offers a potential solution, enabling personalized, scalable communication that bridges the gap between mass membership and individual service. As super funds expand, adopting AI for member engagement is no longer optional—it’s essential for keeping up with member needs. #genai #generativeai #ai #artificialintelligence #superannuation #super Wouter Klijn https://lnkd.in/gsvPixxU

With the proliferation of technology, and the booming of AI and the 'fear-mongering' over how AI will disrupt everything, there are sane voices who break down the situation and come up with relevant advice. Collating and summarizing tons of articles, posts and research notes on the subject, what has emerged is that current economic thinking, argues that the unprecedented growth and impact of technology are creating a massive restructuring of our economy. In this new economy, three groups will have a particular advantage: 1. Those who can work creatively with intelligent machines. 2. Those who are the best at what they do. 3. Those with access to capital. This 'Great Restructuring' identified by economists like Brynjolfsson, McAfee, and Cowen is not the only economic trend of importance at the moment, and the three groups mentioned are not the only groups who will do well, but what’s important for all of us to know is that these trends, even if not alone, are important, and these groups, even if they are not the only such groups, will thrive. If you can be part of any of these groups, therefore, you’ll do well. If you cannot, you might still do well, but your position is more precarious. The question we must now face is the obvious one: which of this group are easiest, less strenuous, and less time-consuming for us to be part of? #psychology #organisationalbehaviour #thegreatstructuring #businessgrowth #communication

Uncover the transformative power of Artificial Intelligence (AI) in the global economy during the engaging Fireside Chat on Day 3 of the Global Wealth Conference 2024. Witness how AI is revolutionizing industries like finance, healthcare, and manufacturing, driving efficiency and innovation through automation. Discover how the UK's investments in AI are spearheading advancements that will redefine work and business operations worldwide. Join us as we delve into the far-reaching impact of AI on economic growth, innovation, and decision-making. Stay tuned for more insights and updates as we unravel the potential of AI to shape the future of the global economy. Learn more at - https://gwc.events Lakshmi Narayanan Lord Holmes Tim Clement-Jones Uche Orji Michael Maduell Wissam Kafsi Edward Longhurst-Pierce Bojan K. #gwc #globalwealthconference #gwcbyswfi #economics #investing #leadership #unitedkingdom #london #thoughtleaders #GOODFellows